Sportswear company Nike have ended their partnership with Premier League side Manchester United.

Nike has been United's kit sponsor since 2002 but the current agreement will not be extended beyond next year.

"Any partnership with club has to be mutually beneficial and terms on offer did not represent good value," read a statement from the sports brand.

"We are proud to have partnered with them for the last 12 years and will continue to sponsor the club until the end of the season."

United's strip for the new season, which was released on Monday, is sponsored by Chevrolet and produced by Nike.

As it stands, German sportswear company Adidas are the current favourites to enter into a new agreement with the English giants.

United received around £38m from the Nike deal in 2012-13, but it is understood that the Premier League club wanted a new agreement worth around £60m per season.

United have not yet commented.